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Bralirwa

BLR · Rwanda Stock Exchange · Incorporated in Rwanda · Company statements

On this page
Company details
Legal name
Brasseries et Limonaderies du Rwanda (BRALIRWA) Plc
Incorporated in
Rwanda
Listing
BLR on the Rwanda Stock Exchange, active (observed 2026-10-06)
Sector
Beverages (our classification from the stated principal activity)
Activity
Marketing, brewing and selling of beer and non-alcoholic beverages; a Heineken group company.
Financial year ends
31 December

Overview

Year ended 31 December 2025 · annual report, signed / final · source

  • Revenue

    RWF 263 billion

    262,985,030 RWF thousands · p68

    Change not shown.

  • Operating profit / (loss)

    RWF 70.9 billion

    70,867,201 RWF thousands · p68

    Change not shown.

  • Profit / (loss) for the year

    RWF 42.8 billion

    42,826,398 RWF thousands · p68

    Change not shown.

  • Total assets

    RWF 232 billion

    231,775,619 RWF thousands · p69

    Change not shown.

  • Total equity

    RWF 76.5 billion

    76,464,413 RWF thousands · p69

    Change not shown.

  • Cash from operations

    RWF 84.9 billion

    84,898,936 RWF thousands · p71

    Change not shown.

Large amounts are rounded for reading (RWF million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Not shown: the two years come from different filings.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in RWF thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — annual report, signed / final; reported for the year · source
  • FY2024 — annual report, signed / final; reported for the year · source
  • FY2023 — annual report, signed / final; comparative in the FY2024 filing · source

Income statement

Income statement, RWF thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), as reported for the year; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportreported for the yearFY2023Annual reportcomparative in FY2024 filing
Revenue 262,985,030 215,435,451 183,681,849
Cost of sales (145,544,790) (117,778,299) (99,661,778)
Gross profit 117,440,240 97,657,152 84,020,071
Other income 650,575 802,966 1,137,525
Selling and distribution costs1 (29,363,108) (21,075,093) (17,245,311)
Administrative expenses (16,411,532) (18,624,850) (13,581,216)
Impairment charge for Trade receivables2 (1,448,974) 657,039 167,286
Total expenses3 (47,223,614) (39,042,904) (30,659,241)
Profit from operating activities4 70,867,201 59,417,214 54,498,355
Foreign Exchange gains/(losses) (2,989,387) (2,464,853) (7,003,211)
Finance costs (6,585,725) (7,169,429) (4,836,533)
Net finance cost5 (9,575,112) (9,634,282) (11,839,744)
Profit before income tax 61,292,089 49,782,932 42,658,611
Income tax expense (18,465,691) (12,789,638) (13,140,247)
Profit after tax 42,826,398 36,993,294 29,518,364
Fair value revaluation on the investment6 18,669 Not reported in this filing87 Not reported in this filing8
Total comprehensive income for the year 42,845,067 36,993,294 29,518,364
Notes and alternative reported figures (8)
  1. “Selling and distribution costs” is an issuer-specific line, not mapped to a shared definition: Note 6.1.3.
  2. “Impairment charge for Trade receivables” is an issuer-specific line, not mapped to a shared definition: Note 7.2; printed as a charge (in brackets) or a release (no brackets).
  3. “Total expenses” is an issuer-specific line, not mapped to a shared definition: Selling and distribution costs, administrative expenses and the trade-receivables impairment line.
  4. Printed under different labels across filings: “Profit from operating activities”; “Results from operating activities”.
  5. “Net finance cost” is an issuer-specific line, not mapped to a shared definition: Foreign exchange gains/(losses) plus finance costs, as printed.
  6. “Fair value revaluation on the investment” is an issuer-specific line, not mapped to a shared definition: Other comprehensive income not reclassified to profit or loss.
  7. Annual report dated 2026-03-31 presents this line for this year: - (p68). Not shown in this column, which follows one filing's presentation.
  8. Not reported in this filing: The FY2024 statement of profit or loss (p48) prints 'Other Comprehensive Income -' and no fair-value line.

Balance sheet

Balance sheet, RWF thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), as reported for the year; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportreported for the yearFY2023Annual reportcomparative in FY2024 filing
Property, plant, equipment and right of use assets12 169,003,266 141,246,978 120,562,007
Intangible assets 824,891 916,850 919,796
Investments3 27,893 9,224 9,224
Receivable from related parties - principal4 587,706 587,706 587,706
Total non-current assets 170,443,756 142,760,758 122,078,733
Inventories 47,848,661 50,555,218 35,783,529
Receivable from related parties5 3,192,610 2,953,667 3,025,898
Trade and other receivables 9,746,056 12,181,785 25,768,827
Bank and cash balances 544,536 1,366,661 3,879,196
Total current assets 61,331,863 67,057,331 69,852,119
Total assets 231,775,619 209,818,089 191,930,852
Share capital 5,142,850 5,142,850 5,142,850
Share premium 84,857 84,857 84,857
Other reserves6 2,071,990 2,071,990 2,071,990
Fair value reserve 18,669 Not reported in this filing87 Not reported in this filing8
Retained earnings 69,146,047 63,307,025 55,823,405
Total equity 76,464,413 70,606,722 63,123,102
Loans and borrowings LT 19,984,700 22,003,200 13,803,111
Lease liability non current portion 113,961 –9 308,537
Deferred tax liability 15,377,892 9,047,43210 7,671,922
Total non-current liabilities 35,476,553 31,050,63211 21,783,570
Loans and borrowings ST 2,646,901 2,646,901 2,646,901
Bank Overdraft 36,359,843 31,364,022 25,764,809
Lease liability current Portion4 150,684 161,004 282,215
Payable to related parties12 18,814,522 13,049,981 15,899,456
Trade and other payables 57,328,837 56,317,417 62,201,564
Provision 131,712 197,000 229,235
Tax payable 4,402,154 4,424,411 –13
Total current liabilities 119,834,653 108,160,736 107,024,180
Total liabilities 155,311,206 139,211,36814 128,807,750
Total equity and liabilities 231,775,619 209,818,089 191,930,852
Tax recoverable Not reported in this filing15 –16 1,394,669
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_liabilities.
  2. Printed “-”, read as nil: subtotal_arithmetic: bs.current_liabilities.
  3. Printed “-”, read as nil: subtotal_arithmetic: bs.current_assets.
Notes and alternative reported figures (13)
  1. “Property, plant, equipment and right of use assets” is an issuer-specific line, not mapped to a shared definition: Note 8.3; one line (the FY2024 report prints it as 'Property, plant and equipment').
  2. Printed under different labels across filings: “Property, plant and equipment”; “Property, plant, equipment and right of use assets”.
  3. “Investments” is an issuer-specific line, not mapped to a shared definition: Note 8.4: an equity investment; its fair-value movement goes to the fair value reserve.
  4. “Receivable from related parties - principal” is an issuer-specific line, not mapped to a shared definition: Note 12.2.
  5. “Receivable from related parties” is an issuer-specific line, not mapped to a shared definition: Note 12.2.
  6. “Other reserves” is an issuer-specific line, not mapped to a shared definition: As printed.
  7. Annual report dated 2026-03-31 presents this line for this year: - (p69). Not shown in this column, which follows one filing's presentation.
  8. Not reported in this filing: The FY2024 statement of financial position (p49) prints no fair value reserve line.
  9. Annual report dated 2026-03-31 prints 9,047,431 (thousands, p69) for this line and year.
  10. Annual report dated 2026-03-31 prints 31,050,631 (thousands, p69) for this line and year.
  11. “Payable to related parties” is an issuer-specific line, not mapped to a shared definition: Note 12.2.
  12. Annual report dated 2026-03-31 prints 139,211,367 (thousands, p69) for this line and year.
  13. Not reported in this filing: The FY2025 statement of financial position (p69) prints no tax-recoverable line.

Cash flow

Cash flow, RWF thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), as reported for the year; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportreported for the yearFY2023Annual reportcomparative in FY2024 filing
Cash generated from operating activities 97,056,422 61,422,540 64,809,807
Income tax paid (12,157,486) (5,595,049) (16,081,554)
Net cash flow from operating activities 84,898,936 55,827,491 48,728,253
Proceeds from sale of property, plant, and equipment 124,843 416,028 387,814
Purchase of property, plant and equipment (44,936,394) (34,450,123) (29,406,920)
Purchase of intangible assets (145,938) (437,058) (256,339)
Net cash used in investing activities (44,957,489) (34,471,153) (29,552,685)
Proceeds of loans and borrowings –1 10,000,000 –1
Repayment of loans and borrowings- principal (2,018,500) (1,799,911) (1,484,000)
Dividends paid to equity holders of the company2 (27,740,274) (22,132,254) (16,901,977)
Dividends paid to other shareholders3 (9,247,102) (7,377,418) (5,633,990)
Payment of lease liabilities (principal portion) (182,564) (192,432) (387,391)
Interest paid on leases (11,294) (25,630) (11,269)
Interest paid on borrowings (1,626,714) (1,842,584) (2,081,418)
Interest paid on overdrafts4 (4,947,721) (5,301,215) (2,743,846)
Net cash out flows used in financing activities5 (45,774,169) (28,671,444) (28,966,651)
Net decrease in cash and cash equivalents6 (5,832,726) (7,315,106) (9,791,083)
Effect of foreign exchange difference 14,780 (796,642) (681,242)
Cash and cash equivalents at 1 January (29,997,361) (21,885,613) (11,413,288)
Cash and cash equivalents as at 31 December (35,815,307) (29,997,361) (21,885,613)
Additions to ROU7 Not reported in this filing8 –9 (277,240)
Additions to leases10 Not reported in this filing11 –1 277,240
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
  2. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
Notes and alternative reported figures (9)
  1. “Dividends paid to equity holders of the company” is an issuer-specific line, not mapped to a shared definition: Financing activities: one of two printed dividend lines (with 'Dividends paid to other shareholders'); the issuer attributes profit between 'equity holders of the parent' and 'other shareholders'. Neither line alone is the company's total dividends paid, which is not printed.
  2. “Dividends paid to other shareholders” is an issuer-specific line, not mapped to a shared definition: Financing activities: the second printed dividend line (see 'Dividends paid to equity holders of the company').
  3. “Interest paid on overdrafts” is an issuer-specific line, not mapped to a shared definition: Financing activities.
  4. Printed under different labels across filings: “Net cash flows generated from/(used in) financing activities”; “Net cash out flows used in financing activities”.
  5. Printed under different labels across filings: “Net decrease in cash and cash equivalents”; “Net increase in cash and cash equivalents”.
  6. “Additions to ROU” is an issuer-specific line, not mapped to a shared definition: Investing activities (printed in the FY2024 report for 2023 only).
  7. Not reported in this filing: The FY2025 statement of cash flows (p71) prints no additions-to-ROU line.
  8. “Additions to leases” is an issuer-specific line, not mapped to a shared definition: Financing activities (2023 only); the counterpart of 'Additions to ROU'.
  9. Not reported in this filing: The FY2025 statement of cash flows (p71) prints no additions-to-leases line.

Per share and shares

Per share and shares. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), as reported for the year; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportreported for the yearFY2023Annual reportcomparative in FY2024 filing
Earnings / (loss) per share (per share)1 41.64 35.97 28.70
Weighted average shares (shares)2 1,028,570,000 1,028,570,000 1,028,570,000
Notes and alternative reported figures (2)
  1. Earnings / (loss) per share: printed as “Basic and diluted earnings per share – Rwf”.
  2. Weighted average shares: printed as “Issued ordinary shares as at 1 January and 31 December”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

No dividend statement or amount collected.

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • BRALIRWA Plc Annual Report and Accounts 2025

    Year ended 31 December 2025 · Annual report · signed / final

    Audit: KPMG Rwanda Limited, unmodified opinion · signed

    Auditor's sign-off: KPMG Rwanda Limited; engagement partner CPA Wilson Kaindi (PC/CPA/0642/0123)

    Final status: Auditor's report signed for KPMG Rwanda Limited (engagement partner CPA Wilson Kaindi) and dated 31 March 2026 (p67, page image); statements approved by the board on 27th March 2026 and signed by the chairman (Hubert Eze) and vice chairman (Ethel Emma-Uchere) (p69, page image).

    Document date
    31 Mar 2026
    Auditor's report
    31 Mar 2026
    Board approval
    27 Mar 2026
    Retrieved by us
    7 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025
    Basis
    company statements · RWF thousands (printed “Rwf '000”)
    • Other matter (p64): the FY2024 statements were audited by another auditor (Ernst & Young Rwanda), who expressed an unmodified opinion on 29 March 2025. No key audit matters are reported; no material uncertainty or emphasis of matter.
    • Note 6.6 (p80) gives profit attributable to ordinary shareholders as Rwf 42,769,892,000 in its text and 42,826,398 thousand in its table; the printed EPS of 41.64 follows 42,826,398 / 1,028,570,000 shares.
    • Statement of cash flows (p71): operating 84,898,936, investing (44,957,489) and financing (45,774,169) sum to (5,832,722); the net decrease is printed (5,832,726).
    • Statement of changes in equity (p70): the 1 January 2025 row repeats the 1 January 2024 balances (retained earnings 55,823,405, total 63,123,102) instead of the 31 December 2024 closing balances (63,307,025; 70,606,722). Not transcribed.
    • The 2024 comparatives here re-present the FY2024 report's cash flow (other foreign exchange difference 796,642 against 2,683,811; trade and other payables (5,916,381) against (7,803,550)); several 2024 balances differ by one thousand from the FY2024 report (deferred tax 9,047,431 against 9,047,432).
    • Cash and cash equivalents in the statement of cash flows are net of the bank overdraft and negative: (35,815,307) = bank and cash balances 544,536 less bank overdraft 36,359,843 (2024: (29,997,361) = 1,366,661 - 31,364,022).
    • Note 15 (p113): current liabilities exceed current assets by Rwf 58.5 billion (2024: Rwf 41.1 billion); the directors conclude the going-concern basis is appropriate (profits, positive cash-flow forecast). The auditor reports no material uncertainty.
    • The statement of profit or loss attributes profit after tax to 'Equity holders of the ultimate parent' (32,119,798) and 'Other shareholders' (10,706,600): the company has no subsidiaries; this splits profit between the Heineken group and the other shareholders. It is not a non-controlling interest and is not recorded as one.
    Technical details
    File
    118 pages, with a text layer
    SHA-256
    1818191bce3e0946b4d787ec0835396d89afadd4c9f2f9bde537550bcd96fd89
    Entity as printed
    Brasseries et Limonaderies du Rwanda (BRALIRWA) Plc
    Note
    The issuer's FY2024 file is named 'Bralirwa_AnnualReport2024_Draft_006.pdf'; its auditor's report is signed and dated, so it is treated as the published report.
    Issuer copy
    retrieved 2026-10-07T13:14:22Z · curl

  • BRALIRWA Plc Annual Report and Accounts 2024

    Year ended 31 December 2024 · Annual report · signed / final

    Audit: Ernst & Young Rwanda Limited, unmodified opinion · signed

    Auditor's sign-off: Ernst & Young Rwanda Limited; Stephen K Sang

    Final status: Auditor's report signed by Stephen K Sang for Ernst & Young Rwanda Limited and dated 29/03/2025 (p47, page image), although the issuer's file name ends 'Draft_006'; statements approved by the board on 29/03/2025 (p49; 27th March 2025 in the directors' statement, p43).

    Document date
    29 Mar 2025
    Auditor's report
    29 Mar 2025
    Board approval
    29 Mar 2025
    Retrieved by us
    7 Oct 2026 (not a publication date)
    Used for
    statement columns FY2024, FY2023
    Basis
    company statements · RWF thousands (printed “Rwf '000”)
    • Board approval date: 29/03/2025 under the statement of financial position (p49) and 27th March 2025 in the statement of directors' responsibilities (p43). The p49 date is recorded.
    • The FY2025 report re-presents the 2024 cash flow (other foreign exchange difference, trade and other payables) and prints several 2024 balances one thousand lower; the 2024 figures here are as originally published.
    • Cash and cash equivalents in the statement of cash flows are net of the bank overdraft and negative: (29,997,361) = 1,366,661 - 31,364,022 (2023: (21,885,613) = 3,879,196 - 25,764,809).
    • Profit is attributed to 'Equity holders of the parent' and 'Equity attributable to other shareholders' (the company has no subsidiaries); not a non-controlling interest and not recorded as one.
    Technical details
    File
    100 pages, with a text layer
    SHA-256
    3d20ec2e260f150acf755f60f194de2a7b5261a1aa59e466cab647c1bb5f2c40
    Entity as printed
    Brasseries et Limonaderies du Rwanda (BRALIRWA) Plc
    Note
    The FY2023 annual report is also on the issuer's site (SHA-256 6f22f49f4ac1…, auditor's report signed 02/04/2024); FY2023 is taken from this report's comparative column, the latest printing.
    Issuer copy
    retrieved 2026-10-07T13:14:23Z · curl

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been checked against its cited source page in an AI-assisted source verification (7 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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